I’m a finance expert and these are the five lessons wealthy immigrants always teach their kids
Wealthy parents are teaching their children five lessons about how to manage money, including finding a job from a young age, a financial guru has claimed.
Sydney-based mortgage broker Quang Huynh, who has 15 years of experience, revealed the financial secrets on his popular TikTok account.
The 39-year-old, known on social media as ‘Q that homeloan dude’, compared the difference in mindset between two children: one whose father is a wealthy third- or fourth-generation migrant, and one who is growing up in a lower-income environment. households.
The father of two said wealthy immigrants are “keeping the money lessons of ‘poor people’ to themselves.”
Here are his top tips for financial success.
Sydney-based mortgage broker Quang Huynh (pictured) revealed the five secrets his third or fourth generation of ‘rich ethnic clients’ teach their children about money, claiming rich immigrants are ‘gatekeeping’ money lessons from ‘poor people’
1. Children should work on learning about human behavior from an early age
Mr. Huynh said that the first secret that wealthy parents implement is that their child should work to learn about ‘rén xìng’ from an early age.
Rén xìng is a Cantonese and Mandarin term that simply means ‘human nature’, but Mr Huynh explained that the term is much more complex.
He explained that the term relates to an understanding of “human existence.”
“Rich parents let their children work when they are young, not because they want to exploit child labor,” Huynh said.
“They want to teach them about ‘rén xìng’… it is meant to fundamentally understand the exploitative, flawed nature of human existence.”
Mr Huynh gave the example of a former customer who owned “all the Kodak stores” in Sydney’s south.
Mr. Huynh said that the wealthy parents let their children start working at an early age so that they can learn about ‘rén xìng’ – an understanding of human existence. He set an example by claiming that children learn from a wide variety of customers through transactions and money
He said the father would make his children work behind the counter from the age of seven, serving customers and handling simple transactions, while learning about rén xìng.
“Placing their child behind the desk and counter to serve customers is not to save money or hire staff, but to show the child how customers fare when they handle transactions or money,” said Mr Huynh.
“The child would see how some customers agree with each other and how some customers are stingy.
‘How some customers returned goods after purchasing from the Kodak store, exploiting the human element of deception by lying.
“Finally, how some customers can be manipulated by salespeople on the floor, where the father wants the child to see how manipulation of emotions can lead to a person buying more products.”
In contrast, Mr. Huynh said that a child raised by lower-income parents learns about rén xìng through a book and not through experience.
He added that a “tiger mother” would force their son or daughter to sit alone in a room and study the material, while the child “never learns” about rén xìng.
The 39-year-old, known as ‘Q that homeloan dude’ (photo) has been working with third and fourth generation immigrants for fifteen years
2. Encourage children to spend money
Mr Huynh said the second secret is that generations of wealthy parents encourage children to spend money, while “poorer” families encourage their children to save their money.
The mortgage broker referred to an experiment conducted with two children: one from a wealthy family and one from a lower-income household.
The children were each given $10 and had to find a toy store in a mall and spend the entire amount.
He added that the child from the “poor family” only spent $8 because he did not want to “waste money” and only wanted to spend within the allotted limit.
While the other child saw a $100 toy and whined, cried and threw a tantrum until someone bought it for him so he would be quiet.
Mr Huynh said the child from the wealthy family may seem like a “damn spoiled brat” but he fought for what he wanted.
The poorer child learns humility and respect through his upbringing, which forces him to operate within the ‘boundaries of the rules’.
“With proper guidance from the rich ethnic father and learning ‘rin sing’ by working at a young age, the child had the tenacity to cry in the store and not worry about what everyone thinks,” said the Mr Huynh.
“He would be the winner in life in terms of business, relationships and everything this person wants.
‘While the other child, who was stuck at the study limits to get good grades so that mommy can pat you on the back and feed you a nice hot porridge, wouldn’t squeak a peep to get what they want.
“They operated within the $10 range, and would ultimately be the losers in life.”
3. Children do not have to ask permission
Mr Huynh explained that generations of wealthy ethnic parents teach their children not to worry about what people think or say.
He claimed that wealthy families understand that education comes 50 percent from schooling and 50 percent from “street study.”
While children from poorer families are 100 percent focused on being ‘book smart’ and are taught to always ask permission before taking action.
“The poor family is 100 percent focused on smart booking, which essentially traps them in the education system,” Mr Huynh said.
‘The education system is about student and teacher. Whatever the student wants, you need permission from the teacher, and that is basically based on permission.
‘While the rich tell their children that you don’t care because you don’t care what anyone says about you. They must be ‘book smart’ and ‘street smart’.
The father of two said his wealthy clients encourage their children to spend money and break rules
4. Rules are meant to be broken
The fourth rule that Huynh believes wealthy parents teach their children is that rules are meant to be broken.
The mortgage broker said children raised in poorer families are taught to follow the rules set out in a consent-based education system.
He added that the child from the wealthy family will know “all the money secrets” and will ultimately set the rules for the other child to follow.
“The (poorer) child is likely to have an IQ of over 300 because he has studied all his life under a rule-based, consent-based education system,” Mr Huynh said.
“While the other kid, who is 50 percent street smart and 50 percent school smart, may have an average IQ and average academic skills, but this person knows everything.
“At the end of the day, they are the entrepreneurs, the business owners, the leaders who will actually run the business, that your very inquisitive child will work with, with rules set by them.”
The final ‘secret’ that wealthy parents teach their children is to fall in love with money, while children raised in a low-income household are taught not to take risks
5. Fall in love with money
The last line Huyhn said is that wealthy third- or fourth-generation ethnic parents teach their children to fall in love with money.
“When these kids grow up, whatever they do, they talk to a mortgage broker, like me, to get more money, to invest in more things, to grow more wealth,” Mr. Huynh said.
In contrast, Mr. Huynh said children raised by financially struggling parents are taught that money is “bad.”
A poor child learns that money is not good and that money is only evil. “No, no, no, don’t touch money, touch books,” Mr. Huynh said.
“Their parents say, ‘Why you get a mortgage, why you get into debt, you shouldn’t do that. It’s risky. Don’t get into debt, just sit down and work your $100,000 and then retire.’
The video, captioned “keep these secrets and pass it on,” has been viewed more than 114,000 times and received more than 210 comments, many of whom agree with the real estate agent’s tips.